Insights on Incentives has as its sole purpose the facilitation of thought and discussion on the subject of incentive compensation for banks and credit unions. Once a month NSS will be sending out an e-mail with one insight on the area of incentive compensation. The insights will come from our research, discussion with customers and finally, those of you who decide to offer an insight on this important sales management issue.
Incentive Compensation and Increased Efficiency
Something not often associated with paying incentive compensation is an increase in a financial institution’s efficiency rating. This is not the case at North Fork Bank. In the June ABA Banking Journal North Fork chairman, president, and CEO John Kanas points to his over 100 incentive compensation plans as a strategy for driving one of the highest levels of net income per FTE. North Fork pays particular attention to aligning incentive compensation to corporate goals and then giving key individuals the ability to track their progress.
Expect to see more organizations increasing the percentage of compensation
that is incentive based as they fight to align costs with revenues.
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Insights on Incentives is brought to you by NSS Corp.
